ParkJockey and Mubadala Capital have agreed to acquire Imperial Parking Corp (Impark), a Vancouver-based parking management company.
No financial terms were released for the deal, which is expected to close in the first half of 2019.
The seller is Ontario Teachers’ Pension Plan, which acquired Impark in 2011 from a joint venture of Gates Group Capital Partners and Global Partners Fund.
Established in 1962, Impark operates about 3,600 parking facilities in Canada and the United States.
ParkJockey, a Miami-based parking technology solutions provider, said it also raised a new investment from SoftBank Group.
Mubadala is an Abu Dhabi, United Arab Emirates-based investment firm.
ParkJockey Announces Investment from SoftBank
ParkJockey and Mubadala Capital Announce the Agreement to Acquire Impark Parking Corporation and the Acquisition of Citizens Parking, Creating the New Leader in Tech-Enabled Parking Services
December 10, 2018
MIAMI–(BUSINESS WIRE)–ParkJockey, a fully-integrated parking technology solutions provider, announced an investment from the SoftBank Group (“SoftBank”) today. ParkJockey and Mubadala Capital are also pleased to announce they have entered into a definitive agreement to acquire Imperial Parking Corporation (“Impark”) from a subsidiary of Ontario Teachers’ Pension Plan (Ontario Teachers’) and have acquired Citizens Parking Inc. (“Citizens”), one of the leading parking management operators in the U.S. The Impark transaction is subject to regulatory approvals and other customary closing conditions with a close expected in the first half of 2019. Owl Rock provided principal debt financing.
Ari Ojalvo, CEO of ParkJockey, said: “ParkJockey’s technology enables property owners to better serve their consumers and improve the performance of their real estate assets. We are excited to partner with Impark and Citizens given their strong operating capabilities, complementary geographic reach and dedication to customer service.” Ojalvo added: “This acquisition will create growth opportunities for our real estate partners, our clients and our employees as urban mobility and infrastructure develop in the coming years. I look forward to working with James Hyman, CEO of Citizens, who will lead our parking platform business across North America and Europe and with Ty Stafford who will be responsible for all North American operations.”
“We are excited to join forces with ParkJockey,” said James E. Hyman, CEO of Citizens Parking. “ParkJockey is applying the latest technologies in online booking, consumer insights, and data analytics to maximize the value of parking spaces. We look forward to partnering with ParkJockey and Impark to leverage our platform and bring new offerings to drivers and to property owners that we serve at our Lanier, Ameripark and ParkOne operations.”
“The parking industry is a significant market but remains fragmented with many opportunities for technological innovation,” said Michael Ronen, managing partner at SoftBank Investment Advisers. “Human mobility, however, is undergoing huge secular change and there is demand for new driver services, refueling, parking and vehicle staging near key high traffic locations. We believe ParkJockey is ideally placed to capitalize on these themes and transform the parking industry to create significant value for consumers and real estate owners alike. We are excited to support the combination of ParkJockey, Impark and Citizens and to work with Ari and his team to accelerate growth and explore emerging opportunities in the sector.”
Adib Mattar, Head of Private Equity at Mubadala Capital, the financial investment arm of Mubadala Investment Company, added, “We are pleased to partner with ParkJockey and SoftBank on this transaction. The investment is a great example of the evolving role technology can play to positively impact even the most traditional of industries, like parking.”
Ty Stafford, President & CEO of Impark, commented, “As mobility evolves, there are a series of enhanced use cases which present exciting opportunities alongside traditional parking. We look forward to joining forces with ParkJockey which will allow us to explore the potential of technology and deploy new services while maintaining an unwavering focus on our consumers, landlords and employees.”
ParkJockey is a fully-integrated parking technology solutions provider for real estate owners and consumers. ParkJockey utilizes proprietary software and best-in-class hardware to make the parking experience more efficient for customers and help real estate owners and operators maximize the value of their parking space. ParkJockey’s app-based technology includes customized account management tools to help clients identify ways to improve revenue, reduce costs and identify opportunities to future-proof assets.
Impark is one of North America’s largest and most successful parking management companies. Since its inception in 1962, Impark has transformed from a single surface lot operator into an industry trailblazer with a portfolio of over 3,600 locations. As of 2018, the company employs over 8,700 personnel in more than 330 cities.
Impark’s strong entrepreneurial drive and dedication to superior service has led it to develop a selection of value-added services that includes valet, shuttle, enforcement, automated solutions, and revenue control.
About Citizens Parking
Created in 2014, Citizens has written a new story that originated leadership in branded parking services. With 3 brands, over 900 locations and more than 6,000 employees across the United States, it has harnessed the power of its brands and leveraged a collaborative business platform to seize and capitalize on exceptional opportunities for long term performance.
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